UAE to Invest US$1 Billion in Korean Startups

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The UAE  confirmed that they establishment of a joint venture investment company with LB Investment, strengthing the “AIM Global Foundation” on the same day. It intends to attract funds from institutional investors (LPs) within the UAE and has agreed to create a venture fund of up to US$1 billion managed by the joint venture.

The AIM Global Foundation is considered a “channel executing oil money.” It hosts the Annual Investment Meeting (AIM), the largest investment forum in the Middle East, every year. Various government officials, including the Minister of Foreign Affairs of the UAE, participate in the operating committee.

The United Arab Emirates (UAE) is partnering with domestic venture capital (VC) firms to make venture investments in the range of trillions of won. It plans to invest up to US$1 billion (approximately 1.38 trillion won) in domestic startups. This move is seen as the first step of the UAE’s promise to invest US$30 billion in the South Korean government last year.

The UAE views South Korea as an innovation powerhouse with its outstanding talent and research and development capabilities. Dawood Al Shezawi, chairman of the AIM Global Foundation, stated, Through this partnership with LB Investment, a new era of cooperation will open up in the global VC industry. We will make a strategic investment so we can have a positive impact on the global economy and society. 

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